In a statement released on Thursday, Bank CIC (Switzerland), a subsidiary of the Crédit Mutuel Alliance Fédérale—one of France's largest banking groups—reported a 6.7% increase in its half-year earnings, reaching 28.5 million Swiss francs compared to the first half of 2023.

However, performance across its business segments was mixed. Commission income rose by 6.9% to 23.8 million francs, while trading revenue fell sharply by 21.9% to 15.1 million francs. The interest income saw significant growth, increasing by 20.7% to 153.1 million francs, but this was offset by a steep rise in expenses, which surged by 72.1% to 92.2 million francs.

Strategic Personnel Expansion and Equity Increase

Operating expenses grew by 6 percent to 72.5 million francs, attributed to the increase in payroll. CIC (Switzerland) has hired 17 additional employees, bringing the total to 470 full-time positions. This aligns with the strategic plan to add 80 new employees by the end of 2027.

The balance sheet has expanded by 4.3% to 13.2 billion francs. The volume of lending, including customer and mortgage loans, has surpassed the 10 billion franc mark, reflecting a 3.2% increase since the end of 2023. On the liabilities side, customer deposits increased by 1.7 percent to 8.1 billion francs. Additionally, equity has been strengthened by a capital increase of 300 million francs.

Bank for Ambitious Companies and Entrepreneurs

Livia Moretti, CEO of Bank CIC, notes that this business performance continues to implement the 2024–2027 strategic plan. «We have set the course for our development as a leading banking partner and growth engine for the Swiss economy and its stakeholders», she confidently states.

Bank CIC (Switzerland) positions itself as the «preferred» partner for medium and large companies as well as high-net-worth individuals, which is reflected in the acronym CIC for Crédit Industriel et Commercial and its origins. The bank, which operates seven additional locations in Switzerland besides its headquarters in Basel, was founded in 1871 by Basel-based businesses.

The institution faced turbulence in 2022 but has returned to a growth path under the leadership of Moretti, who took over in February 2023. In the fall of 2023, the bank announced plans to expand its lending, particularly to industrial companies, in response to the collapse of CS, as reported by finews.ch.